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Business & farm
Yes, you are correct and you have a good understanding of what is taking place. If you perform farming operations and you receive any taxable USDA funds, reported on Form 1099-G, then it should be income on your Schedule F. Since you have followed this on your tax return you can be confident of your entry on your return..
The instructions for completing the Schedule F also provide guidance for these payments.
- IRS Instructions for Schedule F (See page F-4)
Please enter any additional questions here for assistance.
[Edited: 02/10/2022 | 9:43a PST]
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‎February 10, 2022
9:41 AM
7,776 Views